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Owning a rental property allows you to earn a passive income and much more. However, you must protect it through landlord's insurance. Likewise, you expect tenants to get insurance for their personal belongings, and renters insurance is ideal.

Overall, tenants probably won't buy Nebraska renters insurance unless they're required to do so. Even though it can protect them in many ways, they might not see the benefit.

Before demanding it from your tenants, it's wise to learn what Nebraska renters insurance is, what it covers, how it works, and more. You'll do that today with this article. Let's get started!

What Is Nebraska Renters Insurance?

Renters insurance protects tenants from various unexpected events. In fact, Nebraska renters insurance offers liability, personal property coverage, and additional living expenses. It's very broad to deal with many situations.

Still, tenants should know what coverage options are available from Nebraska renters insurance. You should also be aware of how it works so that you can explain it to them if necessary.

Average Cost of Renters Insurance in Nebraska Per Year

Most people wonder what the cost of renters insurance might be. Overall, it's about $140 per year, which is $12 each month.

However, Nebraska renters insurance rates might be higher depending on the amount of coverage the tenant needs.

How Much Does Nebraska Renters Insurance Cost (Based on Popular Cities)?

According to ValuePenguin, Nebraska renters insurance rates will often be lower in smaller towns. You can check out the numbers below to get a better idea of what tenants might pay in your area:

  • Seward - $173/year
  • Omaha - $190/year
  • Nebraska City - $176/year
  • Lincoln - $177/year
  • Columbus - $173/year
  • Alliance - $171/year

Is Renters Insurance Required in Nebraska?

State law doesn't require tenants to get Nebraska renters insurance, but landlords can mandate it in the lease agreement.

It's wise for tenants to carry renters insurance, and you should require it. Doing so will protect you and them in case of an accident or damage/theft.

What Does Renters Insurance Cover in Nebraska?

With so many Nebraska renters insurance companies out there, it's hard to say what each policy might cover.

However, a typical renters insurance policy will cover these things:

Medical Payments Coverage

Nebraska renters insurance will cover medical expenses if someone is injured in the tenant's home.

Personal Property Coverage

Personal property coverage will protect the contents of the tenant's home from events like vandalism, fire, theft, electrical issues, and certain weather events. It's one of the biggest reasons people get Nebraska renters insurance.

Loss of Use Coverage

Usually, Nebraska renters insurance also offers additional living expense coverage. If the tenant can't live in the unit after a covered event, they will get reimbursed for temporary housing and more.

Personal Liability Coverage

Liability protection will cover legal expenses if someone is hurt or has property damage in the tenant's unit. Overall, this is another big reason to get Nebraska renters insurance!

What Does Renters Insurance in Nebraska NOT Cover?

Most renters insurance companies will have stipulations in place. Therefore, the policy probably won't cover the building itself because landlord insurance does that.

Likewise, flood damage isn't often included, though some water damage incidents might be covered. Therefore, tenants might require flood insurance. Some companies offer endorsements for that, but they can also use the National Flood Insurance Program.

How to Choose the Right Policy

When buying renters insurance policies, tenants should focus on these things:

  • Get multiple renters insurance quotes.
  • Check out discount options to lower prices.
  • Choose companies with many coverage options and get enough coverage.
  • Focus on customer service.

Available Discounts in Nebraska

All renters insurance providers offer discounts, but they can vary between companies. Overall, discounts are a great way to keep renters insurance costs low.

Here is a list of the most common discounts:

  • Multipolicy discount
  • Claims-free discount
  • Protective device discount
  • Pay-in-full discount
  • Advance quote discount

How Does a Renters Insurance Policy Protect the Landlord or Property Manager?

Though you probably have liability insurance for accidents happening on the premises, it's wise to require renters insurance for each tenant. It will protect you in these ways:

  • Protects the tenant's belongings so that you don't have to
  • Reduces the risk of you getting sued
  • Protects you from personal liability
  • Makes it easy to allow pets
  • Covers temporary relocation costs

Top 5 Best Renters Insurance Companies in Nebraska

Knowing which companies offer renters insurance can help you check up on your tenants. You want them to get enough coverage, though they're probably focused on the expense.

Here are some of the cheapest renters insurance companies in Nebraska:

1. Nationwide

Nationwide

Nationwide might be the best renters insurance company because it has low rates and many coverage options. For example, customers can customize their policies with identity theft protection, valuable items coverage, and water backup protection. Plus, there's replacement cost coverage, which helps tenants buy new items instead of factoring in depreciation.

2. Amica

Amica

People who want excellent customer service will like Amica. Though it has higher rates, it's easy to talk to a representative when filing a claim. Since tenants are often upset during this process, things might go more smoothly.

However, this renters insurance company doesn't offer many coverage options. Apart from the basics, there are only replacement cost, identity theft, and valuable items protection.

3. Allstate

Allstate

Older people on a budget who need renters insurance coverage might like Allstate. It offers a great discount for retirees, and the prices aren't that bad. Typically, tenants will pay about $13 per month.

However, Allstate doesn't offer common coverage options and discounts like other brands. For example, tenants can't get earthquake coverage or replacement cost coverage.

4. SURE

SURE

While SURE might not offer the cheapest renters insurance coverage possible, it does have comprehensive plans. Plus, people can tailor the policies to meet their needs. Everything is done online, and there are educational resources, too.

5. Progressive

Progressive

Progressive is another great choice for renters insurance. It offers affordable protection, and tenants can customize the policy to meet their needs. Plus, additional coverage options include valuables, personal injury, and water backup.

What Is DoorLoop?

Learning about renters insurance can be beneficial for you and the tenants. However, you also have to worry about keeping your documents organized. DoorLoop is an all-in-one property management software. Whether you manage commercial, residential, or mixed-use portfolios, it can help you:

  • Manage your rental portfolios.
  • Collect rent automatically.
  • Manage your maintenance requests with ease.
  • Offer an online tenant portal.
  • Manage your accounting tasks.
  • Allow tenants to apply online and market your vacancies through Zillow and Trulia with the free, custom website.

Are you interested in learning more about DoorLoop? Schedule your demo today!

Why Work with DoorLoop

With DoorLoop, you can also require tenants to buy a renters insurance policy! They can apply directly through the portal or application, which is powered by Lemonade and SURE, depending on your state. However, it's possible for them to submit companies themselves, as well. Learn more about this feature now!

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his three children, he's writing articles here!

Legal Disclaimer

The information on this website is from public sources, for informational purposes only and not intended for legal or accounting advice. DoorLoop does not guarantee its accuracy and is not liable for any damages or inaccuracies.

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